1. The EU AI Act Enters into Force on 1 August 2024 (Part
1)
(1) Introduction
As artificial intelligence (AI) rapidly advances and permeates
every industry, the European Union (EU) has taken a significant
step to address the challenges and opportunities presented by this
transformative technology.1 The EU Artificial
Intelligence Act (AI Act) creates the world's first
comprehensive legal framework to address generative AI. While
generative AI poses many opportunities, problems associated with
it, such as infringement of intellectual property rights, the fear
that white-collar jobs will be lost, and AI misuse and
misinformation, have led to a deeper awareness of the risks posed
by this technology.